News

OFFER PRICE IN SSH COMMUNICATIONS SECURITY CORPORATION´S COMBINED OFFERING EUR 16

The Board of Directors of SSH Communications Security Corp (SSH)
and the Board of Directors of Applied Computing Research (ACR) Ltd
(ACR) and certain other current shareholders (together with ACR the
Selling Shareholders) have today decided, on the basis of  the
subscription and purchase offers submitted, to set the offer price
at EUR 16 per share in the Institutional Offering (book-building)
and in the Retail Offering. In the Dutch Auction the clearing price
set by the lead manager according to the offering terms was EUR
16.50 and thus the offer price was confirmed at EUR 16.50 per
share.

The Institutional Offering was approximately 13 times subscribed.
The Retail Offering was approximately 5 times subscribed.
Approximately 8,400 subscribers participated in the Retail
Offering.

The Board of Directors of SSH and Selling Shareholders have today
decided that the total number of shares to be subscribed and sold
in the Combined Offering is 2,250,000. In the share issue SSH
issues 1,500,000 shares and the share capital of the company will
be increased by EUR 45,000. The Selling Shareholders will sell a
total of 750,000 shares. The number of shares to be subscribed for
and sold in the Institutional Offering was decided at 1,450,000
shares. The number of shares to be subscribed for and sold in the
Dutch Auction was decided at 500,000 shares. The number of shares
to be subscribed for in the Retail Offering was decided at 300,000
shares.

The Board of Directors of SSH and the Selling Shareholders have
today approved the subscription and purchase offers submitted in
the Combined Offering and decided on the allocation of the shares
among investors. During the Combined Offering the company's
management met with over 100 institutional investors in i.e.
London, New York, Boston and Central Europe. In the Institutional
Offering approximately 60% of the shares were allocated to Finnish
investors and approximately 40% to international investors.

In the Retail Offering the right to subscribe shares has been
settled with a lottery method. Those who have the right to
subscribe shares in the Retail Offering are allocated 50 shares
which is the estimated trading lot size. In the Retail Offering
shares were thus allocated to 6,000 investors. The subscription
payments of disapproved subscriptions and the amounts exceeding the
approved subscriptions will be returned to the investors
approximately on December 20, 2000.

Notification of acceptance of subscriptions to the investors will
be sent on or about December 14, 2000.

The ACR shareholding and voting rights in SSH will decrease from
67.7% to 63.2%.

SSH Communications Security Corp has today filed its application
for a listing at the Helsinki Exchanges. Trading in the shares of
SSH is estimated to commence on the Pre List of the Helsinki
Exchanges on December 20, 2000 and on the Main List on December 22,
2000.

The Company has granted the Lead Manager Mandatum Bank Plc an
option valid, within 30 days of the commencement of trading on the
Pre List of the Helsinki Exchanges, to subscribe up to 337,500
additional shares. If this option is fully exercised the share
capital of the company will increase by a maximum of EUR 10,115 and
the holdings of ACR in SSH shares and voting rights will decrease
to 62.5%.

SSH COMMUNICATIONS SECURITY CORP

Markku Kangas
President & CEO


Distribution:
Helsinki Exchanges
The main media

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